Consensus Cloud Solutions Inc (CCSI) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to consensus Q4 2023 earnings call.

女士們、先生們，美好的一天，歡迎參加 2023 年第四季財報電話會議。

My name is Paul, and I will be the operator assisting you today.

我叫保羅，我是今天為您提供幫助的接線生。

At this time, all participants are in a listen-only mode and a question and answer session will follow the formal presentation.

此時，所有參與者都處於僅聽模式，正式演示之後將進行問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

On this call from consensus will be Scott Turicchi, CEO; Jim Malone, CFO; Johnny Hecker, CRO and Executive Vice President of Operations; and Adam Varon, Senior Vice President of Finance.

執行長 Scott Turicchi 將出席此次協商一致的會議；吉姆‧馬龍，財務長； Johnny Hecker，首席風險長兼營運執行副總裁；和財務資深副總裁 Adam Varon。

I will now turn the call over to Adam Sharon, Senior Vice President of Finance at consensus.

現在，我將在協商一致後將電話轉給財務資深副總裁 Adam Sharon。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon and welcome to the consensus investor call to discuss our Q4 and fiscal year end 2023 financial results, other key information and 2024 guidance.

下午好，歡迎共識投資者致電討論我們的第四季度和 2023 財年末財務業績、其他關鍵資訊和 2024 年指引。

Joining me today are Scott Turicchi, CYO., Johnny Hecker, CRO and EVP of Operations, and Jim Malone, CFO.

今天與我一起參加會議的有 CYO. Scott Turicchi、CRO 兼營運執行副總裁 Johnny Hecker 以及財務長 Jim Malone。

The earnings call will begin with Scott.

財報電話會議將由斯科特開始。

Providing opening remarks.

致開幕詞。

Johnny will give an update on our operational progress since our Q3 investor call, and then Jim will discuss our Q4 2023 and year end preliminary unaudited financial results and 2024 guidance.

Johnny 將介紹自第三季度投資者電話會議以來我們的營運進展的最新情況，然後 Jim 將討論我們的 2023 年第四季度和年底初步未經審計的財務業績和 2024 年指導。

After we finish our prepared remarks, we will conduct a Q&A session.

在我們完成準備好的發言後，我們將進行問答環節。

At that time, the operator will instruct you on the procedures for asking a question.

屆時，接線員將指導您提問的程序。

Before we begin our prepared remarks, allow me to direct you to the Safe Harbor language on slide 2.

在我們開始準備好的演講之前，請允許我引導您了解投影片 2 上的安全港語言。

As you know, this call and the webcast will include forward-looking statements.

如您所知，本次電話會議和網路廣播將包含前瞻性陳述。

Such statements may involve risks and uncertainties that could cause actual results to differ materially from the anticipated results.

此類陳述可能涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。

Some of those risks and uncertainties include, but are not limited to risk factors outlined on slide 3, what we have disclosed in our 10-K SEC filing, as well as a summary of those risk factors that we have included as part of the slideshow for the webcast, we refer you to discussions in those documents regarding Safe Harbor language as well as forward-looking statements.

其中一些風險和不確定性包括但不限於幻燈片 3 中概述的風險因素、我們在 10-K SEC 文件中披露的內容，以及我們作為幻燈片的一部分包含的這些風險因素的摘要對於網路廣播，我們建議您參閱這些文件中有關安全港語言以及前瞻性聲明的討論。

Now let me turn the call over to Scott.

現在讓我把電話轉給史考特。

As we discussed in our Q3 call, our focus has been on EBITDA and free cash flow generation.

正如我們在第三季電話會議中討論的那樣，我們的重點是 EBITDA 和自由現金流的產生。

The market dynamics have not materially changed since our last call in November, and we expect these trends to continue throughout 2024 in the health care sector.

自從我們 11 月上次電話會議以來，市場動態並未發生重大變化，我們預計醫療保健產業的這些趨勢將在 2024 年持續下去。

We've taken the past three months to do a rigorous examination of the business to see where costs can be optimized.

在過去的三個月裡，我們對業務進行了嚴格的檢查，看看可以在哪些方面優化成本。

As we noted in the Q3 call, we found some spend in our SoHo channel that gave us low LTV customers.

正如我們在第三季電話會議中指出的那樣，我們發現 SoHo 管道的一些支出為我們帶來了較低的生命週期價值 (LTV) 客戶。

As we looked even deeper campaign by campaign, we found additional spend that was at best marginally profitable and most likely uneconomic.

當我們對每個活動進行更深入的研究時，我們發現額外的支出充其量只能帶來微薄的利潤，而且很可能是不經濟的。

As a result, we have made some additional cuts against our Q4 forecast that had a slightly negative impact on revenues in the quarter, but favorably affected EBITDA productivity and margin.

因此，我們對第四季度的預測進行了一些額外的削減，這對該季度的收入產生了輕微的負面影響，但對 EBITDA 生產力和利潤率產生了有利的影響。

On the corporate side, the revenues were impacted by the enhanced collections process that reduced our outstanding receivables, but also resulted in some account closures.

在公司方面，收入受到強化收款流程的影響，該流程減少了我們的未清應收帳款，但也導致了一些帳戶關閉。

This has an effect on the base coming into 2024 and will likely affect corporate revenue growth rate by approximately one percentage point.

這對進入 2024 年的基數產生影響，並可能影響企業營收成長率約 1 個百分點。

Jonathan will provide you with more details in his part of the call.

喬納森將在電話中向您提供更多詳細資訊。

I am pleased that for the quarter we generated new our target EBITDA, notwithstanding the headwinds on the top line.

我很高興本季我們實現了新的 EBITDA 目標，儘管營收面臨阻力。

Our bottom line EPS, while strong, were negatively impacted by a severe rallying of the euro against the US dollar.

我們的淨利潤雖然強勁，但受到歐元兌美元大幅上漲的負面影響。

That resulted in a charge of $5.8 million or $2.4 million more than our forecast.

這導致費用增加 580 萬美元，比我們的預測多出 240 萬美元。

I would note that these are inherently difficult to predict and are non-cash in nature.

我要指出的是，這些本質上很難預測，而且本質上是非現金的。

We are working on a program to mitigate this volatility in 2024.

我們正在製定一項計劃，以在 2024 年減輕這種波動。

The strong bottom line results combined with the finance team's collection efforts allowed us to be $10 million better in free cash flow versus Q4 2022.

強勁的獲利結果加上財務團隊的催收工作，使我們的自由現金流比 2022 年第四季增加了 1,000 萬美元。

For the full fiscal year, we produced $77.7 million of free cash flow compared to $53.1 million in 2022.

在整個財年，我們產生了 7,770 萬美元的自由現金流，而 2022 年為 5,310 萬美元。

This allowed us to repurchase $71.4 million of our bonds through January at an average price across both tranches at 91% of par.

這使我們能夠在 1 月以面值 91% 的平均價格回購 7,140 萬美元的債券。

And we ended the year with a healthy $88.7 million of cash and cash equivalents.

年底，我們擁有 8,870 萬美元的現金和現金等價物。

As we look to 2024, the biggest change from our previous November is how we are managing the SoHo channel given change in algorithms, increasing cost for advertising and an increasing amount of new sign-ups that have limited use cases.

展望 2024 年，與去年 11 月相比，最大的變化是考慮到演算法的變化、廣告成本的增加以及用例有限的新註冊數量的增加，我們如何管理 SoHo 管道。

And as a result, a short life, we are cutting almost two thirds of our marketing spend in 2024 relative to 2023.

因此，在短暫的生命週期中，我們將在 2024 年相對 2023 年削減近三分之二的行銷支出。

As a result, we will see a faster decline in revenue for SOHO in 2024 than previously articulated.

因此，我們將看到 2024 年 SOHO 的收入下降速度比之前預期的更快。

However, the costs are declining by approximately the same amount as the revenues.

然而，成本的下降幅度與收入的下降幅度大致相同。

As we continue to invest in our corporate channel, we have allocated a few million of additional marketing spend to support this effort.

隨著我們繼續投資企業管道，我們已經分配了數百萬美元的額外行銷支出來支持這項努力。

In addition, we have been seeing initial benefits from the go-to-market realignment that we implemented approximately one year ago.

此外，我們已經看到大約一年前實施的市場調整帶來的初步好處。

We remain positive on the opportunity within the health care sector for our core fax products and interoperability solutions.

我們對我們的核心傳真產品和互通性解決方案在醫療保健領域的機會保持樂觀。

We expect an increased corporate contribution exiting 2024 as a result of the strategy, and we'll continue to pursue it while we generate cash and retire our debt.

我們預計該策略將在 2024 年結束時增加企業貢獻，並且我們將在產生現金和償還債務的同時繼續追求這一目標。

At the midpoint of our range of guidance, we expect EBITDA to grow in 2024 and margins to expand by approximately 290 basis points.

在我們指導範圍的中點，我們預計 EBITDA 將在 2024 年成長，利潤率將擴大約 290 個基點。

We're also paring back our capital expenditures by approximately $7 million from the 2023 level, while continuing to invest meaningfully above pre-spin levels.

我們也將比 2023 年的水準削減約 700 萬美元的資本支出，同時繼續在高於分拆前水準的基礎上進行有意義的投資。

Notwithstanding an expected higher tax rate than 2023, we still expect to generate approximately $80 million in free cash flow.

儘管預計稅率高於 2023 年，但我們仍預計將產生約 8,000 萬美元的自由現金流。

I will now turn the call over to Jonathan.

我現在將把電話轉給喬納森。

Thank you, Scott, and hello, everyone.

謝謝你，斯科特，大家好。

And let me provide an update on our sales and operations, starting with our corporate business.

讓我從我們的公司業務開始，介紹我們銷售和營運的最新情況。

In the fourth quarter of 2023, our corporate revenue reached $49.4 million, reflecting a steady increase compared to the previous year's $47.8 billion.

2023年第四季，我們的企業營收達到4,940萬美元，與前一年的478億美元相比穩定成長。

Very excited to report the continued success of our Soho upsell strategy with approximately 1,250 accounts added in Q4 and a total of approximately 4,700 accounts that shifted from SOHO throughout the year.

非常高興地報告我們的 Soho 追加銷售策略持續取得成功，第四季度增加了約 1,250 個帳戶，全年從 SOHO 轉移的帳戶總數約為 4,700 個。

Notably, advanced products accounted for 13% of our total new sales, a continued strategic focus for us and contributing to a 23% share for the full year.

值得注意的是，先進產品占我們新銷售總額的 13%，這是我們持續的策略重點，全年貢獻了 23​​% 的份額。

Additionally, our FX protect offering has yielded impressive results, garnering approximately 1,000 paid customer adds in the quarter, thanks to the Q3 introduction of a new e-commerce channel, specifically tailored to corporate clients.

此外，由於第三季推出了專為企業客戶量身定制的新電子商務管道，我們的外匯保護產品取得了令人矚目的成果，本季增加了約 1,000 名付費客戶。

Moving on to SoHo, as we had anticipated and regularly communicated, there was an expected decrease in revenue during Q4 of 2023 with $38.3 million compared to the previous year's $42.2 million as we discussed in Q3, we cut some unproductive advertising as we did a deeper analysis.

轉向SoHo，正如我們所預期並定期溝通的那樣，2023 年第四季度的收入預計將減少3830 萬美元，而上一年的收入為4220 萬美元，正如我們在第三季度中討論的那樣，我們削減了一些無效的廣告，因為我們做了更深入的研究分析。

We made additional advertising cuts in Q4, which will continue into our 2024 budget our goal is to optimize our SEM spend with a focus on targeting the most profitable customers.

我們在第四季度進行了額外的廣告削減，這將持續到我們 2024 年的預算中，我們的目標是優化我們的搜尋引擎行銷支出，並專注於最賺錢的客戶。

As a result of this decreased intake, we did see our total account base decrease from 859,000 to 831,000.

由於攝取量減少，我們的總帳戶基數確實從 859,000 減少到 831,000。

However, it is important to note that our churn rate improved from 3.49% in the previous quarter to 3.34% in line with what we would expect to see given our more selective customer acquisition strategy.

然而，值得注意的是，我們的客戶流失率從上一季的 3.49% 提高到了 3.34%，這符合我們鑑於我們更具選擇性的客戶獲取策略所預期的結果。

Now let's move to some key updates that have shaped our operations.

現在讓我們來看看影響我們營運的一些關鍵更新。

Firstly, the V. a rollout has begun its acceleration.

首先，V.a的推出已經開始加速。

All parties involved have worked in close alignment to adopt a new method of rollout evolving in that new format, we're ensuring a smooth and efficient implementation.

所有相關方都密切合作，採用以新格式發展的新推出方法，我們正在確保順利、有效率的實施。

As a result, we anticipate to reach a seven digit contribution in 2024 with a promising runway beyond that in terms of our EC fax offering for the federal government.

因此，我們預計到 2024 年將達到七位數的貢獻，並且在我們為聯邦政府提供的 EC 傳真服務方面還有一個有前途的跑道。

Other government agencies progress has been steady, albeit slow pipeline remains robust, with prospects remaining cautious of the ongoing federal government spending cap being a regular contentious issue.

其他政府機構的進展一直穩定，儘管進展緩慢，但仍然強勁，前景仍然對持續存在的聯邦政府支出上限持謹慎態度，這是一個經常引起爭議的問題。

We are closely monitoring developments as we await the federal budget resolution.

在等待聯邦預算決議期間，我們正在密切關注事態發展。

It's worth noting that our commercial offering fixed corporate has proven to be a viable alternative for smaller government agencies with less demanding requirements.

值得注意的是，我們的商業產品固定公司已被證明是要求較低的小型政府機構的可行替代方案。

Furthermore, I'm pleased to share some notable wins, including our success with MRO., a customer in the healthcare IT space and expert for the exchange of clinical data and the initiation of a partnership with Lexmark, a leading provider of printing and imaging products, software solutions and services.

此外，我很高興分享一些顯著的勝利，包括我們與 MRO. 的成功，MRO. 是醫療保健 IT 領域的客戶和臨床數據交換專家，以及與領先的打印和成像提供商 Lexmark 建立合作夥伴關係產品、軟體解決方案和服務。

Our go-to-market realignment strategy has yielded positive outcomes, particularly with the earlier noted, success of FX protect our corporate e-commerce offer.

我們的市場調整策略取得了正面成果，特別是前面提到的，外匯的成功保護了我們的企業電子商務產品。

We have strategically redirected our focus towards our existing customer base, maintaining the health care industry as a gold standard for new business and product strategy.

我們策略性地將重點轉向現有客戶群，將醫療保健產業作為新業務和產品策略的黃金標準。

In line with this, we are actively cultivating partnerships with electronic health record and health care IT vendors.

為此，我們正在積極培養與電子健康記錄和醫療保健IT供應商的合作夥伴關係。

I'm happy to report that the go-to-market realignment efforts have resulted in increased operational efficiency, steady booking results, a stable sales pipeline and data-driven adjustments to our strategy.

我很高興地向大家報告，進入市場的調整工作提高了營運效率、穩定的預訂結果、穩定的銷售管道以及數據驅動的策略調整。

Now let's briefly discuss our product updates.

現在讓我們簡單討論一下我們的產品更新。

Beginning with our AI driven solution clarity, we continue to build a solid pipeline for clarity, CD. for clinical documentation and cleared EPA for prior authorizations, and we are excited to announce that we have already booked our first clarity, CV customers, new prospects and existing customers have shown great interest in adoptable AIA. and a real world solution yielding them immediate savings.

從我們的人工智慧驅動的解決方案清晰度開始，我們繼續建立一個堅實的清晰度管道，CD。臨床文件並獲得 EPA 的事先授權，我們很高興地宣布，我們已經預訂了我們的第一個清晰度，CV 客戶、新潛在客戶和現有客戶對可採用的 AIA 表現出了極大的興趣。以及一個可以立即節省成本的現實世界解決方案。

Additionally, our first generation Harmony offering is now in production, marking a significant milestone in our product roadmap.

此外，我們的第一代 Harmony 產品現已投入生產，這標誌著我們產品路線圖中的一個重要里程碑。

With this specific application of Harmony, the center transmits a fax document by FX and Harmony delivers it as a direct secure message, a broadly used electronic delivery protocol for health care.

透過 Harmony 的這一特定應用，該中心透過 FX 傳輸傳真文檔，Harmony 將其作為直接安全訊息傳遞，這是一種廣泛使用的醫療保健電子傳遞協議。

We are excited to announce that we are partnering closely with one of the leading cloud-based EHR and practice management solution providers for small and medium-sized medical practices on this project as we look ahead to 2024.

我們很高興地宣布，我們正在與領先的基於雲端的 EHR 和中小型醫療實踐管理解決方案提供者之一就該專案密切合作，展望 2024 年。

On the next slide, it's important to note that while we recognize the positive changes within our organization, we are maintaining a conservative outlook on our growth prospects by optimizing our marketing efforts with a focus on increased profitability, we have deliberately put an emphasis on margin and retention, while in the near term, top line growth will be moderate.

在下一張投影片中，值得注意的是，雖然我們認識到組織內部發生的積極變化，但我們透過優化行銷工作，專注於提高獲利能力，對成長前景保持保守的看法，我們刻意強調利潤率和保留率，而在短期內，收入成長將適度。

Our primary focus remains on cash generation and achieving operating profits for our SOHO business.

我們的主要重點仍然是產生現金和實現 SOHO 業務的營業利潤。

We have implemented several strategic measures as part of our go-to-market realignment by merging the marketing departments for SOHO and corporate.

作為市場調整的一部分，我們透過合併 SOHO 和企業行銷部門實施了多項策略措施。

We aim to leverage deeper insights from a propensity analysis indicating that a portion of our so how base processes, corporate attributes.

我們的目標是利用傾向分析中更深入的見解，顯示我們的基礎流程、企業屬性的一部分。

Furthermore, we finalized the effects price increases in early 2023, allowing us to concentrate our efforts on a more engaged user base.

此外，我們在 2023 年初最終確定了效果價格上漲，使我們能夠將精力集中在更活躍的用戶群上。

In 2023, we encountered some challenges related to significant changes implemented by our primary digital advertising partners.

2023 年，我們遇到了一些與我們的主要數位廣告合作夥伴實施的重大變革相關的挑戰。

The changes were aimed at stabilizing their businesses, but they resulted in a significant increase in our customer acquisition costs, yielding less profitable customers.

這些變化旨在穩定他們的業務，但導致我們的客戶獲取成本大幅增加，從而導致客戶利潤減少。

To navigate these challenges, we have undertaken a thorough analysis of our campaigns to identify those that yield high quality customers as reported in our last earnings call.

為了應對這些挑戰，我們對我們的活動進行了徹底的分析，以確定那些能夠產生高品質客戶的活動，正如我們上次財報電話會議中所報告的那樣。

And consequently, we narrowed spending on campaigns targeting high-profit customers starting in Q3 of 2023 and are continuously evaluating the effectiveness of our campaigns.

因此，我們從 2023 年第三季開始縮小了針對高利潤客戶的活動支出，並持續評估我們活動的成效。

Our focus on the smarter ad spend project involves analyzing our subscriber base to optimize digital advertising spending.

我們對智慧廣告支出項目的關注包括分析我們的用戶群以優化數位廣告支出。

We are closely monitoring at cost and will strategically we enter campaigns when the LTV to cap ratio meets our defined level of return narrowed spending and so allows us to shift a portion of that advertising spend to the corporate business while reducing So spent our strategy centers around prioritizing high LTV customers, which will positively influence the profitability of newly acquired SOHO customers.

我們正在密切監控成本，當LTV 與上限比率滿足我們定義的回報縮小支出水準時，我們將策略性地進入行銷活動，使我們能夠將部分廣告支出轉移到企業業務，同時減少支出，因此我們的策略重點圍繞著優先考慮高LTV客戶，這將對新獲得的SOHO客戶的獲利能力產生積極影響。

Encouragingly, we are already observing positive indicators with a decrease in check, resulting from an increase in organic sign-ups and reduced overall expenses.

令人鼓舞的是，我們已經觀察到積極的指標，由於自然註冊量的增加和總體費用的減少，支票數量減少。

In total, we are planning for approximately $139 billion in SOHO revenue at the midpoint for 2024 through active management, we expect this targeted reduction in revenue to allow us to maintain and possibly improve cash generation in comparison to previous periods.

總的來說，我們計劃透過主動管理在2024 年中實現約1,390 億美元的SOHO 收入，我們預計這種有針對性的收入減少將使我們能夠維持並可能改善與之前時期相比的現金生成能力。

Now let me address the corporate business and direct you first to our balance sheet, you'll notice a significant decrease in our accounts receivables from Q3 to Q4 of 2023.

現在讓我談談公司業務，並首先引導您查看我們的資產負債表，您會注意到從 2023 年第三季度到第四季度，我們的應收帳款大幅減少。

We've expanded our collections team in a short period, allowing us to focus on rigorous collections management in those quarters.

我們在短時間內擴大了我們的催收團隊，使我們能夠在這些季度專注於嚴格的催收管理。

Jim will go into more detail in his prepared remarks.

吉姆將在他準備好的發言中詳細闡述。

While this effort has improved cash generation and has also resulted in an increase in customer terminations impacting both our 2023 revenues and run rate entering the new year regarding other impact in our baseline, the FoxBox migration in Europe resulted in the discontinuation of that platform retaining less than half of its space.

雖然這項努力改善了現金生成，並導致客戶終止數量增加，影響了我們2023 年的收入和進入新一年的運行率（考慮到我們基準中的其他影響），但FoxBox 在歐洲的遷移導致該平台的終止，保留了較少的客戶超過其空間的一半。

Also, this may seem significant from a top-line perspective, it rents justify it from a technical platform, retirement and cost standpoint.

此外，從營收角度來看，這似乎很重要，但從技術平台、退休和成本的角度來看，它的租金證明了它的合理性。

Additionally, the Summit acquisition strategically conducted for its great talent and technology continues to generate baseline revenues.

此外，對 Summit 的策略性收購是為了利用其優秀的人才和技術繼續產生基準收入。

But it declined in 2023 and will not contribute to growth in 2024 as we have previously discussed, slow decision-making in the previous years of 2022 and throughout 2023 did not generate the addition of new business as initially anticipated in our 2023 post pandemic plan.

但它在2023 年有所下降，並且不會對2024 年的成長做出貢獻，正如我們之前討論的那樣，2022 年前幾年和整個2023 年緩慢的決策並沒有像我們在2023 年大流行後計劃中最初預期的產生新業務的增加。

Consequently, we have adopted a more conservative approach to our baseline.

因此，我們對基線採取了更保守的方法。

We see some but little change to that behavior fast, keeping our new revenue ambitions roughly flattish as well.

我們看到這種行為很快就發生了一些變化，但變化不大，我們的新收入目標也大致持平。

Despite the challenges we are encountering, we are budgeting corporate revenue to $206 million at the midpoint for 2024, representing a 3.1% growth compared to 2023.

儘管我們面臨挑戰，我們仍將 2024 年中期的企業收入預算定為 2.06 億美元，比 2023 年成長 3.1%。

In line with our recent quarterly growth rate.

與我們最近的季度成長率一致。

So looking ahead, we are maintaining stability in new business and anticipating initial returns from the Japanese corporate launch.

因此，展望未來，我們將保持新業務的穩定性，並預期日本公司的推出將帶來初步回報。

In response to market conditions, we have kicked off focused sales initiatives in 2024 and reallocated resources to enhance customer retention and cross and upsell opportunities in our large baseline.

為了應對市場狀況，我們在 2024 年啟動了重點銷售計劃，並重新分配資源，以在我們的大基線中提高客戶保留率以及交叉和追加銷售機會。

These initiatives position us for accelerated corporate growth in 2025 while we remain committed to cash generation.

這些措施使我們能夠在 2025 年加速企業成長，同時繼續致力於創造現金。

And with that, let me hand the call over to our CFO, Jim Malone, who will provide a bit more color on our Q4 2023 and full year 2023 financial results as well as our 2024 guidance.

接下來，讓我將電話轉交給我們的財務長 Jim Malone，他將為我們的 2023 年第四季度和 2023 年全年財務業績以及我們的 2024 年指導提供更多資訊。

Jim?

吉姆？

Thank you, Johnny, and good afternoon, everyone.

謝謝強尼，大家下午好。

Saw in our press release and on this morning's call today, we are discussing preliminary unaudited 2023 results and 2024 guidance for fiscal 2023.

在我們的新聞稿和今天上午的電話會議上，我們正​​在討論未經審計的 2023 年初步業績和 2023 財年的 2024 年指導。

Audit is still underway and will result in audited financial results filed with our 2023 10-K scheduled to be filed late next week.

審計仍在進行中，經過審計的財務結果將提交至我們計劃於下週稍後提交的 2023 年 10-K 報表中。

Let's start with our corporate business results.

讓我們從我們的企業業績開始。

Q4 2023 revenue was $49.4 million, an increase of $1.6 million or 3.3% over the prior comparable period.

2023 年第四季營收為 4,940 萬美元，比上年同期增加 160 萬美元，成長 3.3%。

Q4 2023 year-over-year corporate revenue growth increased by 30 basis points versus Q3 2023 year over year.

2023 年第四季企業營收年增較 2023 年第三季成長 30 個基點。

As Tony mentioned, Q4 year-over-year revenue was impacted negatively by the cleanup initiative related to the Q4 collection efforts.

正如托尼所提到的，第四季度的同比收入受到與第四季度收集工作相關的清理計劃的負面影響。

Migration of FOXBOX for legacy platform and some in the second half of the year, an increased focus was put on cash collections.

FOXBOX 向傳統平台的遷移以及下半年的一些平台的遷移，更加重視現金收集。

This effort improved collections by 9% from slow-paying customers and however, did result in terminations of nonpaying customers.

這項努力將緩慢付款客戶的收款率提高了 9%，但確實導致了不付款客戶的終止。

Corporate all of approximately $306 was down $16 or 4.9% from the prior year, driven by the mix of paid ads at a lower offer, including Sylvo accounts.

受較低報價的付費廣告（包括 Sylvo 帳戶）的推動，企業廣告總費用約為 306 美元，比前一年下降了 16 美元，即 4.9%。

Moving to corporate and the new FX protect initiative that Johnny mentioned in his remarks, monthly churn of 1.82% increased 33-basis points, delivering a trailing 12 month revenue retention of 99%.

轉向約翰尼在演講中提到的企業和新的外匯保護計劃，1.82% 的月度流失率增加了 33 個基點，過去 12 個月的收入保留率為 99%。

The churn increase was primarily due to terminations of nonpaying customers,

客戶流失率增加主要是因為未付費客戶的終止，

2023 full year corporate revenue was $199.6 million, a $7.4 million or 3.9% increase over 2022 results year-over-year.

2023 年全年公司營收為 1.996 億美元，較 2022 年業績成長 740 萬美元，增幅為 3.9%。

Revenue was also affected by the cleanup initiative related to Q4 collection efforts, migration of FOXBOX and it moving to Soho results.

收入也受到與第四季度收集工作相關的清理計劃、FOXBOX 遷移以及遷移到 Soho 結果的影響。

Q4 2023 revenue of $38.3 million, a decrease of $4.1 million or 9.6% over the prior comparable period.

2023 年第四季營收為 3,830 萬美元，比上年同期減少 410 萬美元，成長 9.6%。

Year-over-year decrease was within expectations given the impact of price increases in prior year and lower optimize advertising spend.

考慮到上一年價格上漲和優化廣告支出降低的影響，年減在預期之內。

His approach over the net base reduction due to fewer paydowns but potentially higher value customers, partially offset by increase for an increase in OpEx, Ofer of $15.12 increased by $0.41 year over year, benefiting from last year's price increase.

他對淨基數減少的方法是由於付款較少，但潛在的更高價值客戶，部分被營運支出增加所抵消，Ofer 為 15.12 美元，同比增加了 0.41 美元，受益於去年的價格上漲。

Churn declined 48 basis points to 3.34% compared to the prior period, and we're now at pre pandemic churn levels.

與上一時期相比，客戶流失率下降了 48 個基點，至 3.34%，目前處於疫情前的客戶流失水準。

Full year 2023, total revenue was $162.9 million from $7.3 million or 4.3% decline over 2022 results and essentially in line with our full year sales guidance range of negative 4%, negative 2%.

2023 年全年總收入為 1.629 億美元，較 2022 年的 730 萬美元下降 4.3%，基本上符合我們負 4%、負 2% 的全年銷售指引範圍。

Moving to Q4, consolidated results revenue of $87.8 million, a decrease of $2.5 million or 2.7% over Q4 2022, adjusted EBITDA of $47.2 million and 53.8% margin was a decrease %1.8 million or 3.7% over Q4 2022,

進入第四季度，合併業績收入為8,780 萬美元，比2022 年第四季減少250 萬美元或2.7%，調整後EBITDA 為4,720 萬美元，利潤率為53.8%，比2022 年第四季減少180 萬美元或3.7%，

The main drivers of the revenue flow from mentioned above planned employee related expenses, partially offset by effective cost management.

上述收入流的主要驅動因素是計劃的員工相關費用，但部分被有效的成本管理所抵消。

EBITDA margin of 53.8% is within our guidance range of 50% to 55%.

53.8% 的 EBITDA 利潤率在我們 50% 至 55% 的指導範圍內。

Adjusted non-GAAP net income of $21.3 million, a decrease of $1.3 million or 5.6%, driven by lower revenues, a higher tax rate offset by interest income of $1.5 million and noncash foreign exchange revaluation of inter-company accounts of $0.5 million.

調整後的非 GAAP 淨利潤為 2,130 萬美元，減少 130 萬美元，即 5.6%，原因是收入減少、稅率提高（被利息收入 150 萬美元抵銷）以及公司間帳戶非現金外匯重估 50 萬美元。

Adjusted non-GAAP EPS of $1.11 was lower than the prior comparable period by 1.8% or $0.02 Q4 2023 non-GAAP tax rate and share count was 21.8% from 19.2 million shares.

調整後的非 GAAP 每股盈餘為 1.11 美元，比去年同期低 1.8%，即 2023 年第四季非 GAAP 稅率低 0.02 美元，股數為 21.8%，為 1,920 萬股。

Moving to 2023 full year consolidated results.

轉向 2023 年全年綜合業績。

Consolidated revenue of $362.6 million is essentially flat versus the prior year.

綜合收入為 3.626 億美元，與上年基本持平。

Adjusted EBITDA of $186.6 million was a decrease of approximately $10 million or 5.1% compared to the prior comparable period, delivering a 51.5% margin percent within our 50% to 55% guidance expectations.

調整後 EBITDA 為 1.866 億美元，與上一時期相比減少了約 1,000 萬美元或 5.1%，利潤率為 51.5%，符合我們 50% 至 55% 的指導預期。

The main year over year EBITDA driver and that flat revenue as planned.

主要的同比 EBITDA 驅動因素以及按計劃實現的收入持平。

Employee related expense, adjusted non-GAAP net income of $99.8 million decreased $6.8 million or 6.4%, driven by lower operating income, offset in part by interest income expense benefit of $4.2 million and lower tax expense by $2.7 million.

員工相關費用，調整後的非GAAP 淨利潤為9,980 萬美元，減少了680 萬美元，即6.4%，這是由於營業收入下降，但利息收入費用收益420 萬美元和稅收費用減少270 萬美元部分抵消了這一影響。

Adjusted non-GAAP EPS of $5.9 was lower than lower in the prior comparable period by 4.5% or $0.24 to 2023.

到 2023 年，調整後的非 GAAP 每股收益為 5.9 美元，比去年同期低 4.5%，即 0.24 美元。

Non-GAAP tax rate and share count was 19.7% in 19.6 million shares.

非 GAAP 稅率和股份數為 19.7%，共 1,960 萬股。

As mentioned in our Q3 2023 earnings call, we announced a $300 million bond repurchase program approved by the Board of Directors for Q4 2023 and the first week of January 2024, we repurchased $62.6 million and $8.7 million in face value across both tranches for $57.1 million and $7.9 million cash respectfully, we repurchased 349,001 million shares in Q4 and 2023, respectively, for a cash outlay of $8.5 million and $23.5 million.

正如我們在2023 年第三季財報電話會議中所提到的，我們宣布了董事會批准的2023 年第四季和2024 年1 月第一周的3 億美元債券回購計劃，我們以5710 萬美元的價格回購了兩批面額分別為6,260 萬美元和870 萬美元的債券以及790 萬美元現金，我們分別在第四季和2023 年回購了3,490.01 億股股票，現金支出為850 萬美元和2,350 萬美元。

We ended 2023 with $8.7 million in cash and cash equivalents which is sufficient to fund our operations and purchase repurchases of debt and equity.

截至 2023 年，我們擁有 870 萬美元的現金和現金等價物，足以為我們的營運以及債務和股權的回購提供資金。

On normalized 12/31/23 cash balance would have been flat versus 9/3/23 at $156 million, excluding the $65.5 million in bond and equity purchases, 2023 full year free cash flow of $77.7 million for additional assistance.

正常化後的2023 年12 月31 日現金餘額與2023 年9 月3 日持平，為1.56 億美元，不包括6,550 萬美元的債券和股票購買，2023 年全年自由現金流為7,770 萬美元，用於額外援助。

With the quarterly spread of our guidance, we will be refining additional guidance for the current quarter for the year 2024 guidance is as follows

隨著我們指導的季度分佈，我們將完善當前季度的額外指導，2024 年指導如下

Revenues between $338 million with $353 million with $345 million midpoint.

營收在 3.38 億美元至 3.53 億美元至 3.45 億美元之間。

Just in the non-GAAP EBITDA between $182 million, $194 million with $188 million at midpoint.

非 GAAP EBITDA 介於 1.82 億美元、1.94 億美元和 1.88 億美元之間。

Adjusted non-GAAP EPS, $5.08, with $5.31 with $5.20 at midpoint.

調整後非 GAAP 每股收益為 5.08 美元，中間值為 5.31 美元，中間值為 5.20 美元。

From Q1 2024.

從 2024 年第一季開始。

Revenues are expected to between $85 million and $89 million, with $87 million at midpoint adjusted non-GAAP EBITDA between $45 million, $48 million dollars with $46 million at midpoint, adjusted non-GAAP EPS of $1.27 to $1.33, $1.30 at midpoint estimated share count and income tax rate of 19.4 million shares and 20.5% to 22.5%.

營收預計在8,500 萬美元至8,900 萬美元之間，其中調整後非GAAP EBITDA 中點為8,500 萬美元，調整後非GAAP EBITDA 為4,500 萬美元，調整後非GAAP 每股盈餘為4,800 萬美元，中點為4,600 萬美元，調整後非GAAP 每股盈餘為1.27 美元至1.33 美元，預計股數中點為1.30 美元1,940萬股的所得稅稅率為20.5%至22.5%。

This concludes my formal remarks.

我的正式發言到此結束。

And now I'd like to turn the call back to the operator for Q&A.

現在我想將電話轉回給接線生進行問答。

Thank you.

謝謝。

To 22.5%, it's concluded again.

到22.5%，又得出結論了。

Jonathan Tanwanteng, CJS Securities.

喬納森·譚萬騰，CJS 證券。

Hi, good afternoon and thank you for taking my questions on.

你好，下午好，謝謝你回答我的問題。

I guess my first one, Scott or John, you know, when do you think the decision making labor issues impacting your corporate business will begin to resolve or begin to inflect on is a light at the end of the tunnel should we expect this to continue for the foreseeable future.

我想我的第一個，斯科特或約翰，你知道，你認為影響你的公司業務的決策勞工問題什麼時候會開始解決或開始變化，這是隧道盡頭的曙光，我們是否應該期望這種情況繼續下去在可預見的未來。

And John, this is Johnny.

約翰，這是約翰尼。

Yes, thanks for the question.

是的，謝謝你的提問。

I think it's a I wish we didn't write down.

我想這是一個我希望我們沒有寫下來的事情。

I think the what we're experiencing is we're seeing a little bit of room more decisiveness here and there, but it's not at a trend that we would say, hey, we're seeing light and we're seeing this ending anytime soon.

我認為我們正在經歷的是，我們在這裡和那裡看到了更多的果斷空間，但這並不是我們會說的趨勢，嘿，我們看到了光明，我們隨時都可以看到這個結局很快。

So for our 2024 a budget and we anticipated two to hit, not see a whole lot of improvement further.

因此，對於我們 2024 年的預算，我們預計會達到兩個目標，但不會看到進一步的重大改進。

Okay, got it.

好，知道了。

At 3% growth and change with the VA contributing a little over something within a seven digit range.

VA 的成長和變化為 3%，貢獻略高於七位數。

It does that mean corporate isn't growing without the VA or and there are the components of that on the corporate book grow, we've got 58 for sure.

這確實意味著，如果沒有 VA，企業就不會成長，或者企業帳面成長中有 58 項成長的組成部分。

Yes, it's I mean, it's I mean, it's not a huge contributor, but it's part of the 3%.

是的，我的意思是，我的意思是，它不是一個巨大的貢獻者，但它是 3% 的一部分。

Yes, got it.

是的，明白了。

Got it.

知道了。

Okay.

好的。

Did you still see SaaS volumes growing across same customers are year on year?

您是否仍看到同一客戶的 SaaS 數量逐年增加？

Absolutely.

絕對地。

Yes, we see customers.

是的，我們看到了客戶。

I mean, I think we have a very broad spectrum of corporate customers, right?

我的意思是，我認為我們擁有非常廣泛的企業客戶，對嗎？

But especially on the on the upper end, on the larger customers, we see we see tremendous growth within individual customers.

但特別是在高端、大型客戶中，我們看到個人客戶的巨大成長。

Yes, absolutely.

是的，一點沒錯。

And it's not driven by two.

而且它不是由兩個人驅動的。

That's right.

這是正確的。

On the one hand, you see M&A happening within large companies, right?

一方面，您會看到大公司內部發生併購，對嗎？

So they acquired are there quarter additional volumes on Secondly, you see a lot of that traffic is still on-prem.

因此，他們在 Second 上獲得了四分之一的額外流量，您會看到很多流量仍在本地。

And depending on what customers you're talking about, it could be on servers.

根據您所談論的客戶，它可能位於伺服器上。

It could be on machines and there's they're still migrating a lot of these things into the cloud.

它可能在機器上，而且他們仍在將許多這樣的東西遷移到雲端。

So we still see a tremendous momentum within our existing customers.

因此，我們仍然看到現有客戶的巨大動力。

And then maybe one more thing I talked about in my remarks, a lot of our larger customers are exposed to healthcare IT in the HR space.

也許我在演講中還談到了一件事，我們的許多大客戶都接觸到人力資源領域的醫療保健 IT。

And as they grow and acquire new customers, we bring on those volumes and growth in those customers as well.

隨著他們的成長和獲得新客戶，我們也帶來了這些客戶的數量和成長。

Understood.

明白了。

Thank you.

謝謝。

And I was wondering when do you expect the impact of the lower spend in the solar business to level off and from a I guess, sequential decline perspective and will that take most of the year, but what does the slope look like?

我想知道您預計太陽能業務支出下降的影響何時會趨於平穩，從我猜的連續下降的角度來看，這需要一年的大部分時間，但是斜率是什麼樣的？

The level of the spend or the revenue component associated?

相關支出或收入部分的水平如何？

I'm not sure I understand the question.

我不確定我是否理解這個問題。

The revenue and user component of that that's associated with a decline in spend.

收入和用戶組成部分與支出下降相關。

Now that will continue.

現在這種情況將繼續下去。

That will continue at the current level of budget spend that will continue throughout the year and could even continue into next year.

這種情況將繼續維持目前的預算支出水平，並將持續全年，甚至可能持續到明年。

One of the issues that we will be monitoring where exactly is that sweet spot around the budgeted numbers, it could be $2 million or $3 million higher.

我們將監控的問題之一是預算數字的最佳點到底在哪裡，可能會高出 200 萬或 300 萬美元。

It could be couple of million dollars lower.

可能會便宜幾百萬美元。

So as we look at the various campaigns and we monitor them and we look at their lifetime value expectation, how they behave against other cohorts that will influence the level of spend, which will then give greater clarity to the answer to your question as we enter 2025.

因此，當我們查看各種活動並對其進行監控時，我們會查看他們的終身價值期望，他們與其他群體的行為如何影響支出水平，這將使我們在輸入時更清楚地回答您的問題2025 年。

But I think clearly in 2024 you should expect for each of the four quarters a decline in the base from predecessor QUARTER.

但我顯然認為，到 2024 年，您應該預期四個季度的基數都比前一季下降。

Got it.

知道了。

And is there any point where you have enough remaining high quality customers and high-quality acquisitions that business can eventually grow at some point or stabilized to flat?

是否有任何一個點，你有足夠的剩餘高品質客戶和高品質收購，業務最終可以在某個時候成長或穩定到持平？

Or is it going to be your expectation that that just could declines at a slower pace once you know,

或者你是否期望一旦你知道，這種情況就會以較慢的速度下降，

I actually think when you swap off the call, but rental customers fire, but we're getting some feedback with those customers.

我實際上認為，當你掛掉電話時，租賃客戶就會解僱，但我們會從這些客戶那裡得到一些回饋。

They essentially have signed up within the last 12 to 15 months and have and a portion of them have short life remaining doing themselves out of the system.

他們基本上是在過去 12 到 15 個月內註冊的，其中一部分人的壽命很短，他們自己會脫離系統。

While it is truly will have a lower revenue than 2023, it will also be much easier to stabilize that number on a go forward basis.

雖然收入確實會低於 2023 年，但未來穩定該數字也會容易得多。

I would still would not look for the SoHo channel the way we are managing it to be a growth vehicle.

我仍然不會將 SoHo 管道視為我們管理成長工具的方式。

But I do think there's a point that it's not entirely clear shape is not the issue to be clear that there will be stability or can be stability in that channel revenue.

但我確實認為有一點是，目前尚不完全清楚的問題是通路收入是否會穩定或可以穩定。

Got it.

知道了。

Thank you.

謝謝。

I'll jump back in queue.

我會插回隊列。

Thank you.

謝謝。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi.

你好。

Can you talk a little bit about clarity, Jay sign, high trust and Harmony.

你能談談清晰度、傑伊標誌、高度信任和和諧嗎？

Tom, maybe if you could please comment on pricing some revenue contribution?

湯姆，也許您可以就一些收入貢獻的定價發表評論嗎？

And just broadly speaking, what these what these products do and how they will benefit your hospital clients on longer term?

從廣義上講，這些產品的用途是什麼？從長遠來看，它們將如何使您的醫院客戶受益？

Thanks very much and the current thinking on solar.

非常感謝以及目前對太陽能的思考。

So let me start with that down with clarity.

因此，讓我先明確一下這一點。

Clarity is our AI. and IP. based solution that helps to extract and data from unstructured documents and images, life science and including data that is handwritten are difficult to be read by the by the human eye and turn it into structured data.

清晰度是我們的人工智慧。和知識產權。基於解決方案的解決方案有助於從非結構化文件和圖像、生命科學以及包括人眼難以讀取的手寫資料並將其轉換為結構化資料。

So it can be easily processed or better be fast to be processed with in other systems like electronic health record system.

因此，它可以在電子健康記錄系統等其他系統中輕鬆處理或更好地快速處理。

And it's really a technology platform that we have built out that word that we are now developing individuals applications for specific use cases on top.

這實際上是一個我們已經建立的技術平台，我們現在正在為特定用例開發個人應用程式。

So the clarity, CD. platform for clinical documentation, it helps extract certain demographic data.

所以清晰度，CD。臨床文件平台，它有助於提取某些人口統計資料。

So a document that is being ingested can be processed quicker and filed within the EHR system and deliver it to where it really matters in a block in a faster manner than the way it has traditionally done, which is by manual labor, some of looking at the document and then with the most selective filing it.

因此，正在攝取的文檔可以更快地處理並在 EHR 系統中歸檔，並以比傳統方式更快的方式將其整體傳送到真正重要的地方，傳統方式是透過體力勞動，有些人會查看文檔，然後進行最有選擇性的歸檔。

So we are accelerating that process and no data has to be keyed into the system manually anymore on the prior authorization application of unclarity, we do a similar process, but specifically the system is trained on prior authorization documents.

因此，我們正在加速這一過程，並且在不明確的事先授權應用程式上不再需要手動將資料輸入系統，我們做了類似的過程，但具體來說，系統是根據事先授權文件進行培訓的。

So we can accelerate that process.

所以我們可以加速這個過程。

And with the recent developments with the rules from the CMS, that will definitely sounds not only help providers, but primarily payers to accelerate the turnaround of prior authorizations, which will pay will be required to do within a certain time limits in the future.

隨著 CMS 規則的最新發展，這聽起來肯定不僅會幫助提供者，而且主要有助於付款人加速先前授權的周轉，這將要求未來在一定的時間限制內完成付款。

On the Jay Stein application is a healthcare specific or directed, but not exclusive application for electronic signatures.

Jay Stein 應用程式是針對醫療保健的特定或定向應用程序，但不是電子簽名的排他性應用程式。

So on basically comparable to a technology like you would find from DocuSign on.

所以基本上可以與 DocuSign 中找到的技術相媲美。

And we know there's a lot of the documents that we process for our customers now by fax do require some kind of digital or some kind of signature process and before they already returns.

我們知道，我們現在透過傳真為客戶處理的許多文件在返回之前確實需要某種數位或某種簽名過程。

So that's why we view the J Sand application as a natural extension of our current offering for just transporting documents, but then going more into that into the workflow piece, certainly on the on the Harmony product or platform, this is really where we see those technologies come together as a and on a platform level where customers then can get up, pick and choose technologies and transportation protocols as they wish.

因此，這就是為什麼我們將J Sand 應用程式視為我們目前僅用於傳輸文件的產品的自然延伸，但隨後更深入地了解工作流程部分，當然是在Harmony 產品或平台上，這確實是我們看到這些的地方技術作為一個平台匯集在一起，然後客戶可以根據自己的意願啟動、挑选和選擇技術和運輸協議。

And need.

和需要。

And the first product that we have out there is, like I said in my remarks, and we are receiving documents by fax for our customers.

正如我在演講中所說，我們推出的第一個產品是，我們正在透過傳真為客戶接收文件。

And then we're extracting certain data, and we're forwarding it as direct secure message.

然後我們提取某些數據，並將其作為直接安全訊息轉發。

So the recipient doesn't really receive a fax anymore, but a secure message.

因此，收件人實際上不再收到傳真，而是收到安全訊息。

And there will be other protocols like fire HL7, we will bring in the Clarity technology that all come together in that and the Harmony platform.

還會有其他協議，如 fire HL7，我們將引入 Clarity 技術，所有這些技術都集中在該協議和 Harmony 平台中。

Okay.

好的。

On the that's great.

就那太好了。

What is the what's the revenue contribution from these products?

這些產品的收入貢獻是多少？

And what is like the current, we'll call it like penetration rate, what is the upsell potential?

目前，我們稱之為滲透率，追加銷售潛力是多少？

Just pricing?

只是定價嗎？

Any color there?

那裡有什麼顏色嗎？

What kind of lift can we expect to see from these products?

我們可以期望從這些產品中看到什麼樣的提升？

.

。

So from a revenue perspective, I mean, it's very clear that the majority of our revenues still coming from the from the fax platform, right?

因此，從收入角度來看，我的意思是，很明顯我們的大部分收入仍然來自傳真平台，對吧？

But we are we're looking to extend and we're finding adoption on the new technologies.

但我們正在尋求擴展，並且正在尋找新技術的採用。

And they are they are price depending on technology, but similarly to how customers are used to pay for the fracturing technology, which is mostly on a per document or per page level.

它們的價格取決於技術，但類似於客戶如何支付壓裂技術的費用，這主要是在每個文件或每頁層級。

And depending on that, on the protocol, it can be a per transaction costs, but there's going to move and continue with our subscription and usage-based pricing models for all of these technologies?

根據協議，它可能是每筆交易的成本，但我們是否會改變並繼續我們針對所有這些技術的訂閱和基於使用的定價模型？

Yes, I think that yes, I think you also have a high trust.

是的，我認為是的，我認為你也有很高的信任度。

So Evercore effect service and more recently, Jay signs have been high trust certified at this point, although it is in Q4 this year, clarity is not yet in Harmony is really at its very early infancy stages so if you take all of them together, Harmony is not contributing any revenue in 23 and not expect to contribute much in 2024.

因此，Evercore 效果服務以及最近的 Jay 標誌已獲得高度信任認證，雖然是在今年第四季度，但 Harmony 尚未明確，實際上還處於早期嬰兒階段，因此如果您將所有這些放在一起， Harmony 在23年不會貢獻任何收入，預計2024 年也不會貢獻太多。

There's low single million of revenue for all the clarity.

就所有情況而言，收入只有幾百萬美元。

Gentlemen, that's very helpful.

先生們，這非常有幫助。

Thank you.

謝謝。

And then can you maybe just talk a little bit more about the EMRs like Epic and Cerner and Meditech in particular are you working with those EMR vendors?

然後您能否多談談 Epic、Cerner 和 Meditech 等 EMR，特別是您是否正在與這些 EMR 供應商合作？

Are you the Equifax platform within any of those or but do they have their own and are you competing with them?

您是其中任何一個中的 Equifax 平台嗎？或者他們有自己的平台嗎？您是否與他們競爭？

Thanks very much.

非常感謝。

So there are some EHR vendors of EMR vendors that we are the default contacts platform for.

因此，我們是 EMR 供應商中的一些 EHR 供應商的預設聯絡人平台。

And we integrate basically with all of them through our API technology can connect any EMR to our Tower Cloud platform, and we have customers on all of the technologies that you have.

我們透過 API 技術基本上與所有這些技術集成，可以將任何 EMR 連接到我們的 Tower Cloud 平台，並且我們擁有使用您擁有的所有技術的客戶。

Okay.

好的。

And just one last quick one for me.

對我來說，這只是最後一件事。

You had mentioned a 65 hospital health system win, I think last quarter with 107 skilled nursing facilities and 25 urgent care centers.

您提到了 65 個醫院醫療系統的勝利，我想上個季度有 107 個熟練護理設施和 25 個緊急護理​​中心。

Was that the VA or is that a different hospital system and what kind of revenue contribution we see from that client?

這是 VA 還是不同的醫院系統？我們從該客戶看到了什麼樣的收入貢獻？

And when would that start to roll on the books?

那什麼時候開始記錄在案呢？

That was non-VA?

那是非 VA 嗎？

That was a nonprofit even on that size customer, you can probably expect it's definitely a seven digit contribution.

即使對於如此規模的客戶來說，這也是一個非營利組織，您可能會期望這絕對是七位數的貢獻。

It's started to ramp.

它開始傾斜。

We're in the rollout.

我們正在推出。

But as you can expect with that many facilities and we very much dependent on the efficiency of their IT teams and their partners.

但正如您所期望的那樣，我們擁有如此多的設施，並且非常依賴其 IT 團隊及其合作夥伴的效率。

Usually, these companies have 80 partners or have outsourced their IT, and we worked closely with them to that level, but we expect that rollout to be and a lot faster than the VA The VA has, I believe, over 2000 paying 200 variability exists for them.

通常，這些公司有80 個合作夥伴或已外包其IT，我們與他們密切合作達到這一水平，但我們預計部署速度將比VA 快得多。我相信VA 已經支付了2000 多個費用，存在200個可變性對於他們來說。

So it's a lot.

所以數量很多。

It's a lot larger.

它要大得多。

Okay.

好的。

Thanks very much.

非常感謝。

I'll hop back in the queue.

我會跳回到隊列中。

Anne Samuel, J.P. Morgan.

安妮‧塞繆爾，摩根大通。

Thanks for taking the question.

感謝您提出問題。

I was hoping maybe you could speak to what your conversations have been like with your hospital customers right now around demand.

我希望您能談談您現在與醫院客戶圍繞需求進行的對話。

I mean, so we've heard some mixed commentary from others in this space that there have been some green shoots just given improving margins, but labor still remains a real pressure play.

我的意思是，我們從這個領域的其他人那裡聽到了一些褒貶不一的評論，即隨著利潤率的提高，出現了一些萌芽，但勞動力仍然是一個真正的壓力因素。

But you do help alleviate some of that pressure.

但你確實有助於減輕一些壓力。

So you don't have it recession more along the lines of not now?

所以你不會讓經濟衰退比現在更嚴重嗎？

Or is it more of a longer term home spending?

或更多的是長期的家庭支出？

Yes.

是的。

Thank you.

謝謝。

Again, I think so I would get in line with the green shoots, right?

再說一遍，我想我會與新芽保持一致，對嗎？

We're seeing hospitals coming around and saying, yes, now it's time to tackle these projects as of today.

我們看到醫院過來說，是的，現在是時候解決這些項目了。

The we do see some that are still under economic pressure and others that see improvements in cash flow.

我們確實看到一些仍面臨經濟壓力，而另一些則看到現金流有所改善。

But what we do not see is site I'd be hugely successful in hiring IT talent.

但我們沒有看到的是，我在招募 IT 人才方面會取得巨大成功。

I think there is still a very, very tight labor market, and that's what we depend on us.

我認為勞動市場仍然非常非常緊張，這就是我們所依賴的。

We can definitely help with our products to take some pressure off of their nursing staff and their administrative staff.

我們絕對可以透過我們的產品幫助減輕他們的護理人員和行政人員的壓力。

So they're interested in talking about these things, but you still have to get on the priority list.

所以他們有興趣談論這些事情，但你仍然必須進入優先名單。

Right?

正確的？

And as we're successful here and there, but it's not at the rate that we would like to see it obviously always being a patient from the sales side.

雖然我們在這裡或那裡都取得了成功，但顯然我們並沒有希望看到它始終是銷售方面的耐心。

But I agree there are some green shoots and we're able to close a deal here and there now if they healthcare things as super-fast moving space, I know they're not they're slow in decision making by nature.

但我同意存在一些萌芽，如果他們將事物視為超快速移動的空間，我們現在就能夠在這裡或那裡達成交易，我知道他們不是，他們本質上決策緩慢。

And it's almost like the government, but slowly, but surely, we're penetrating this space more and more.

它幾乎就像政府一樣，但緩慢但肯定的是，我們正在越來越多地滲透到這個領域。

That's really helpful color.

這真是有用的顏色。

Thank you.

謝謝。

And then just maybe one on the margins you're doing a really nice job holding the margins despite the revenue shortfall.

然後，也許在利潤方面，儘管收入短缺，但你在保持利潤方面做得非常好。

I was hoping you could speak to maybe where you see the biggest opportunities to be lean, you know, is it just advertising or there are other areas that you can take a look at it, much of that cost containment is long term versus just related to the near term revenue shortfall,

我希望你能談談你認為精益的最大機會的地方，你知道，這只是廣告還是還有其他你可以看看的領域，大部分成本控制是長期的而不是相關的近期收入短缺，

I would say actually in most of it would be in the area of advertising marketing, as I mentioned to the previous questioner.

我想說實際上大部分都是在廣告行銷領域，正如我向前一個提問者所提到的。

But to John's level, there will be some flex in that based on how various programs perform and maybe we can add a little bit to it.

但就約翰的水平而言，根據不同程序的執行方式，會有一些靈活性，也許我們可以添加一點。

But the philosophy in terms of the social channel revenue is a strategy so not a one year event.

但社交管道收入的理念是一項策略，而不是一年的事件。

And then we expect that we'll spend double next year.

然後我們預計明年的支出將增加一倍。

Not this is a permanent shift in the thinking of how to treat that stream of revenue and in fact, take some of the historic marketing dollars that went to SOHO and shift them over to the corporate clients.

這並不是關於如何對待收入流的思維方式的永久性轉變，事實上，將一些流向 SOHO 的歷史性行銷資金轉移給企業客戶。

It always had an element of marketing, but that's going to be probably a little bit less than double this year.

它總是有行銷元素，但今年可能會略低於兩倍​​。

And I would expect that we'll grow even again next year in 2025.

我預計明年 2025 年我們將再次成長。

So that has been the primary bulk of it.

這就是其中的主要部分。

Now, as I mentioned, we go through all lines of the P&L.

現在，正如我所提到的，我們將查看損益表的所有行。

So others little savings in our telecom costs.

所以別人很少省下我們的電信費用。

There's a lot of nickels and dimes that also add up.

加起來也有很多五分錢和一角錢。

But the vast majority of it certainly as we look at 2024, would be in the marketing budget now enrolled at 2025, which I know still a long way away.

但從我們展望 2024 年的角度來看，其中的絕大多數肯定會納入 2025 年的行銷預算中，我知道距離實現這一目標還有很長的路要走。

There probably won't be as much delta, if any, to the marketing costs.

行銷成本可能不會有那麼多增量（如果有的話）。

And we'll continue to fine-tune some of the other areas that would be say in our COGS file.

我們將繼續微調 COGS 檔案中的其他一些領域。

So that but that's zero many months away.

所以那是零幾個月之後的事。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then just one final one for me.

然後是我的最後一件事。

As we think about your revenue guidance for next year, what level of churn, are you embedding within that?

當我們考慮你們明年的收入指導時，你們會考慮什麼程度的流失？

So I mean, we say next year, you mean 2024, right presume, right.

所以我的意思是，我們說明年，你的意思是 2024 年，對吧，對吧。

That's exactly in place.

這完全正確。

So on the solvency, as we have less spend and less sign-ups that have a higher churn rate because you'll recall going back not that long ago, we put it in there just for informational purposes that you lose two thirds of the customer within the 1 year of those that you marketed those that have signed up.

因此，在償付能力方面，由於我們的支出較少，註冊人數較少，而流失率較高，因為您會記得不久前的情況，我們將其放在那裡只是為了提供信息，您會失去三分之二的客戶在您行銷那些已註冊的用戶後的 1 年內。

So what happens is the cohorts get better and better as the percentage of the base is increasingly larger than the new sites.

因此，隨著基數百分比越來越大於新站點，群組會變得越來越好。

So it will you've already started to see it tick down from the middle of last year into Q3 into Q4 that trend will continue.

因此，您已經開始看到它從去年中期進入第三季度到第四季度，這種趨勢將持續下去。

I don't have to give you more specificity in terms of the actual numbers, but I think we're going to see, as you know, at some point tick through three percentage?

我不必就實際數字向您提供更多具體信息，但我認為正如您所知，我們會在某個時候看到三個百分比的變化？

Yes, I'll get down to that 3%, right?

是的，我會降低到 3%，對吧？

It will probably go down between 40 basis point and 80 basis points throughout the remainder of now the corporate, the what I talked about it with Johnny talked about in terms of the.

在公司剩餘時間內，它可能會下降 40 個基點到 80 個基點，這是我與強尼談到的。

Yes, the bad debt, the aggressive account receivables collection, yes, there were some cancellations that basically was the whole increase in the cancel rate in corporate from Q3 to Q4.

是的，壞賬，積極的應收賬款催收，是的，有一些取消，基本上是從第三季度到第四季度企業取消率的整體上升。

And so it's been a fairly consistent, stable level in sort of a one quarter to 1.5% range.

因此，這是一個相當一致、穩定的水平，範圍在四分之一到 1.5% 之間。

And we think that is sustainable for 2024.

我們認為這種情況到 2024 年是可持續的。

I wouldn't note that our underlying economic assumption is that there will not be a recession in 2024 fed, call it a soft landing where we want to call that.

我不會指出我們的基本經濟假設是 2024 年聯準會不會出現衰退，我們稱之為軟著陸。

We'll continue to experience the various elements of the economy that we've seen the last two to three quarters.

我們將繼續體驗過去兩到三個季度所經歷的各種經濟因素。

Obviously, there's some volatility with the expectation of when the Fed will cut how much they'll cut.

顯然，對於聯準會何時降息、降息幅度的預期存在一些波動。

But in terms of GDP growth, we expect it to remain positive throughout the year so that we're not taking anything draconian.

但就 GDP 成長而言，我們預計全年將保持正成長，因此我們不會採取任何嚴厲措施。

And obviously that would have occurred, we would have to rethink that assumption.

顯然這種情況會發生，我們必須重新考慮這個假設。

Very helpful.

很有幫助。

Thank you so much for all the color.

非常感謝您提供的所有顏色。

Thank you.

謝謝。

[from Citi, 13 airlines]

[來自花旗、13 家航空公司]

Hey, good afternoon, guys.

嘿，下午好，夥計們。

This is Mark on for 15, but thanks for taking our questions or maybe just a clarification on the timing of VA, the VA contribution on change of QIAsymphony or when we should start to see that contribution, are you is there any contributions in the first quarter or is it more of a second-half event?

這是Mark 的15 期節目，感謝您提出我們的問題，或者只是澄清VA 的時間表、VA 對QIAsymphony 變更的貢獻，或者我們何時應該開始看到該貢獻，您在第一個部分中是否有任何貢獻季度還是下半場事件？

And should we sort of expect a ramp through the year to get there?

我們是否應該期待全年的成長才能實現這一目標？

It actually started this little small contribution in Q4.

它實際上是在第四季度開始做出這一小小的貢獻的。

And yes, it will ramp in each successive quarter through 2024 and likely through 2025.

是的，到 2024 年，並且很可能到 2025 年，該數字將在每個連續季度增加。

And so as John mentioned, there's been significant work done from big August meeting.

正如約翰所提到的，八月的大型會議已經完成了重要的工作。

We talked about a couple of earnings calls ago when we had finished the pilot phase and then there was a continuation of the rollout more under the same methodology that the preliminary rollout has gone through.

我們之前在幾次財報電話會議上討論過，當時我們已經完成了試點階段，然後在與初步推出所採用的方法相同的情況下繼續進行了更多的推出。

And then I would say towards the Middle East, maybe really the middle of the fourth quarter, it was beginning to be an acceleration of the rollout and also a change in the velocity of how it rolls out.

然後我想說，對於中東，也許真的是第四季中期，推出的速度開始加速，推出的速度也改變了。

And so that will be CONTINUING.

所以這將繼續下去。

There's still some details to be worked out, but continuing in terms of the current rollout and that is accelerating pretty much each month.

仍有一些細節有待解決，但就當前的推出而言，仍在繼續，幾乎每個月都在加速。

So we'll see as a result, we've seen the traffic build each month that will continue to build.

所以我們會看到結果，我們看到每個月的流量都會增加，而且還會繼續增加。

And so it will ramp through all 12 months of this year.

因此，今年的 12 個月都會持續成長。

Okay, great.

好的，太好了。

That's very helpful.

這非常有幫助。

And then any sense of when we should be reaching a run rate level, is this yellow I guess about 2025 of them are 2026 such events of any color there would be appreciated.

然後，我們什麼時候應該達到運行率水平，是黃色嗎？我猜大約 2025 年是 2026 年，任何顏色的此類事件都會受到讚賞。

On the Lee actually have certain goals and objectives of which we like because it's bringing on more traffic at substantially faster pace than has occurred in 2023 of how much of that is realizable.

On the Lee 實際上有一些我們喜歡的目標和目的，因為它帶來的流量比 2023 年可實現的流量要快得多。

And by the way we thinking calendar years, they think in their fiscal year, which ends in September 30, close of quarter one quarter, offset by some I would say it's clearly not we will not achieve the full ramp in 2024.

就我們思考日曆年的方式而言，他們認為他們的財政年度將於9 月30 日結束，每個季度結束，並被一些因素所抵消，我想說，我們顯然不會在2024 年實現全面增長。

I think it is unlikely even in 2025 depending on this pace of acceleration, maybe 2026 or 2027.

我認為即使在 2025 年也不太可能，這取決於這種加速速度，也許是 2026 年或 2027 年。

Okay.

好的。

Perfect.

完美的。

And then just saw last follow up on just on the cash flow generation.

然後剛剛看到了關於現金流產生的最後跟進。

This quarter essentially reaffirmed cash trend that you guys provided early reads and last quarter, which calls for a low 80s free cash flow in 2024 home.

本季基本上重申了你們提供的早期數據和上個季度的現金趨勢，即 2024 年家庭自由現金流將低於 80 年代。

Why should we see more upside from here given the lower CapEx further collection effort and really the cost per se really showing up in the EBITDA of Italy.

鑑於資本支出進一步降低，而且成本本身確實體現在義大利的 EBITDA 中，為什麼我們應該從這裡看到更多的上行空間。

Thank you.

謝謝。

Can you repeat that Mark?

你能重複一下馬克嗎？

Yes, you're on.

是的，你在。

I'll just some just following up on the cash generation.

我將只是跟進現金生成情況。

You guys essentially reaffirmed our 2024 cash generation to the low 80s on one is just on your Why shouldn't we see more upside from here given the lower CapEx this year, further collection effort and the cost efforts that are showing up on the EBITDA side?

你們基本上重申了我們2024 年的現金生成量將降至80 多美元，這就是你們的理由。鑑於今年資本支出較低、進一步的收款工作以及EBITDA 方面出現的成本工作，我們為什麼不應該從這裡看到更多的上行空間？

Well, remember we have higher taxes from 24 to 23.

好吧，請記住，24 日至 23 日期間的稅收較高。

Our tax rate is going up and those will be cash taxes.

我們的稅率正在上升，這些將是現金稅。

So that will be a mitigating factor against that.

因此，這將是一個緩解因素。

And I think pretty much everything else flows through.

我認為幾乎所有其他事情都會發生。

I mean, field EBITDA going up a little bit year over year.

我的意思是，現場 EBITDA 逐年上升。

EBITDA is essentially cash.

EBITDA 本質上是現金。

Yes, you're correct.

是的，你是對的。

We picked up a $7 million roughly in the CapEx for when you get the company back in taxes and we're at $77 million you have hoing to be $81 million - $82 million.

當你讓公司退稅時，我們在資本支出中獲得了大約 700 萬美元，我們現在是 7700 萬美元，你希望是 8100 萬至 8200 萬美元。

So I think it puts.

所以我認為它是這樣說的。

Okay, great.

好的，太好了。

Thank you, guys so much.

非常感謝你們。

Before we go to the next question, we did have a question that came in by e-mail that is related to the free cash flow, which is in the press release, we noted that the free cash flow would be dedicated to a combination of share repurchases, bond repurchases and possibly M&A.

在我們討論下一個問題之前，我們確實透過電子郵件提出了一個與自由現金流相關的問題，在新聞稿中，我們注意到自由現金流將專門用於以下組合：股票回購、債券回購以及可能的併購。

So the question is what's the perceived allocation amongst the various potentiality for the ones that are the most certain are clearly related to our capital structure.

因此，問題是，最確定與我們的資本結構明顯相關的各種潛力之間的分配是怎樣的。

So we can go into the market, we can buy bonds, we can buy equity.

所以我們可以進入市場，我們可以買債券，我們可以買股票。

So I think it's likely to assume gold will consume the majority of the free cash flow and or the cash balances.

因此，我認為黃金可能會消耗大部分自由現金流和/或現金餘額。

I would say that depending on what stock settle that may be an attractive alternative, we clearly stated now for several calls running a desire to deleverage if we can continue to get the bond at a discount that is an attractive investment.

我想說的是，取決於哪種股票結算可能是一個有吸引力的選擇，我們現在明確表示，如果我們能夠繼續以折扣價獲得債券，那麼我們就希望去槓桿化，這是一項有吸引力的投資。

And on the acquisition side, there's I think, a narrow set that would be of interest to us.

在收購方面，我認為我們感興趣的範圍很窄。

But I think it's a narrow set, not a broad set of valuations continue to be generally challenging.

但我認為這是一個狹窄的集合，而不是一個廣泛的估值集合，仍然普遍具有挑戰性。

So I would say it's not probably a high probability that we will do acquisitions, but certainly it is within our field of view, and I think we're more interested in doing an acquisition that would have a more meaningful impact than a small tuck-in.

所以我想說，我們進行收購的可能性並不大，但它肯定在我們的視野範圍之內，而且我認為我們更感興趣的是進行比小規模收購更有意義的收購——在。

So if that would be the case, we would reprioritize the allocation away from shrinking own internal capital structure towards the M&A transaction.

因此，如果是這種情況，我們將重新調整配置的優先順序，從收縮自己的內部資本結構轉向併購交易。

And that would be the cash balances we have or a substantial portion of the free cash flow.

這將是我們擁有的現金餘額或自由現金流的很大一部分。

And I will also remind everybody we do have a modest line of credit that can be expanded up to $50 million.

我還要提醒大家，我們確實有適度的信貸額度，可以擴大到 5,000 萬美元。

So we did do something that is triple digits in terms of the acquisition purchase price, as I say, I'm not sure that that is a high probability, but it's certainly within field here.

因此，我們確實做了一些收購價格達到三位數的事情，正如我所說，我不確定這是一個很高的可能性，但它肯定在這個領域內。

Next question has to go back into London.

下一個問題必須回到倫敦。

Next question is a follow-up coming from Jon Tanwanteng from CJS Securities.

下一個問題是來自 CJS 證券的 Jon Tanwanteng 的後續提問。

John, your line is live.

約翰，您的線路已上線。

And my question was answered.

我的問題得到了解答。

Thank you.

謝謝。

No problem and the next question is from Arun Seshadri from BNP room.

沒問題，下一個問題來自 BNP 室的 Arun Seshadri。

Your line is live.

您的線路已上線。

Yes, hi, thanks.

是的，嗨，謝謝。

Just most of my questions answered.

剛剛回答了我的大部分問題。

Just wanted to understand, is there within the within SOHO, is there a set of accounts or a proportion of the total on customers that you think is a very stable account base and then most of the attrition is coming from, you know, us a portion of that account.

只是想了解，SOHO 內部是否存在您認為非常穩定的客戶群的一組帳戶或客戶總數的一部分，然後大部分流失來自，您知道，我們該帳戶的一部分。

Is there any way to segment that customer base for us so we can get a sense for when that attrition is coming towards an end?

有沒有什麼方法可以為我們細分客戶群，以便我們能夠了解這種流失何時即將結束？

Well, I think it was back to the earlier question that I answered.

好吧，我想這又回到我之前回答的問題了。

So there's been for a couple of years now.

所以現在已經有幾年了。

This phenomenon that you get a fair amount through the marketing programs are what I call the renters.

這種透過行銷計劃獲得相當數量的現象就是我所說的租屋者。

People have limited use cases.

人們的用例有限。

And as a result, they churn generally within a 12 month period.

因此，他們通常會在 12 個月內流失。

Then I think we reported before about two-thirds of the science that will churn out within a year.

然後我認為我們之前報道了大約三分之二的科學知識，這些科學知識將在一年內產生。

So as you decrease the marketing spend decreased the gross sign-ups, the net adds.

這個網絡補充道，隨著行銷支出的減少，總註冊人數也會減少。

Then as you march out over time, 12 to 18 months.

然後隨著時間的推移，12 到 18 個月。

You start to get to that, what I'll call more core base of several customers now that it is a little unclear where that point is I mentioned earlier because a portion of it will be a function of what other marketing programs, 2025 and 2026 and also studying the more near term cohort behaviors versus the ones that we've got to go back as far as 10 years.

你開始明白這一點，我將其稱為多個客戶的更多核心基礎，現在有點不清楚我之前提到的這一點在哪裡，因為其中一部分將取決於 2025 年和 2026 年其他行銷計劃還研究了更近期的團體行為與我們必須追溯到10 年前的行為。

But there absolutely is a stable core base within there.

但裡面絕對有一個穩定的核心基礎。

And I think it's not unreasonable to believe that sometime within that two to three year window, you probably find stability, but there's a lot of variables that go into it.

我認為相信在兩到三年的某個時間窗口內，您可能會找到穩定，這並非沒有道理，但其中存在許多變數。

So it's not something to be definitively answer right now.

所以現在還不能明確回答這個問題。

Got it.

知道了。

So it's hard to say of your total customer base this number, like half the number is staying stable over time.

因此，很難說你的總客戶群的這個數字，就像一半的數字隨著時間的推移保持穩定一樣。

It's a changing cohort.

這是一個不斷變化的群體。

There's changing cohorts with each depending I look at it, certainly each year reset of sign-ups has its own Cohort B cohort behavior pattern age in a certain way and then accumulate at all.

每個隊列都會發生變化，取決於我的觀察，當然，每年重新設定的註冊人數都會以某種方式有自己的隊列 B 隊列行為模式年齡，然後進行累積。

So I'm going to say more than I think that that's kind of the math behind it.

所以我要說的比我想像的還要多，這就是背後的數學原理。

Then you look at the behavior of the new sign-ups and how they mirror previous cohorts and then as part of that is versus what the one you're talking about, customers that will be around for five years or more three years or more 10 years or more that would also give you a different answer of where in the current, you know, 831,000.

然後你會觀察新註冊用戶的行為以及他們如何反映以前的群體，然後作為其中的一部分與你正在談論的客戶進行比較，這些客戶將存在五年或更長時間三年或更長時間10幾年或更長時間，這也會給你一個不同的答案，即目前的831,000。

Is that kind of.

是這樣的嗎。

Understood.

明白了。

And then secondly, on the on the corporate side on the new customers that you're adding appear to be at a lower RPU on it.

其次，在企業方面，您新增的新客戶的 RPU 似乎較低。

Does that is that our trend line from the sort of like ads and where they are, where you're adding them, that just continues similar levels is the expectation.

這是否是我們的趨勢線，來自類似的廣告以及它們在哪裡，您在哪裡添加它們，只是繼續相似的水平是我們的預期。

And so there's a couple of reasons.

有幾個原因。

First of all, I think we've reported on that.

首先，我想我們已經對此進行了報道。

We're converting several customers into corporate and are really mining that base.

我們正在將一些客戶轉變為企業客戶，並且正在真正挖掘這項基礎。

And we're attracting customers that are more trending towards corporate.

我們正在吸引更傾向企業的客戶。

So it's really converting a low end customer into that into that upper.

所以它實際上是將低端客戶轉變為高端客戶。

It's a tough marketplace, as I said, that that's the main driver.

正如我所說，這是一個艱難的市場，這是主要驅動力。

And I think last year we saw with the FoxBox migration that we have you talked about some churn or some customers actually.

我認為去年我們在 FoxBox 遷移中看到，我們實際上談論了一些客戶流失或一些客戶。

Yes, we're positive for our fleet.

是的，我們對我們的機隊持積極態度。

So that gave us some additional pressure, but down and with adding from the SOHO base.

因此，這給我們帶來了一些額外的壓力，但隨著 SOHO 基地的增加，壓力有所下降。

It's creating a little bit of pressure on the corporate, but I mean our base that is a difficult KPI for the corporate fuel rate.

這給公司帶來了一點壓力，但我的意思是我們的基礎是公司燃油費率的一個困難的關鍵績效指標。

We have customers across the spectrum from $50 a month, all of them to hundreds of thousands of dollars a month, right.

我們的客戶範圍廣泛，從每月 50 美元到每月數十萬美元不等。

So on.

很快。

If you tell your mix somewhat like the VA and they ramp back or you longer than the larger customer there that are going to bias to our site, and that's what we face with the customer continue.

如果你像 VA 一樣告訴你的組合，他們會回落或你比那裡的大客戶更長，這將偏向我們的網站，這就是我們與客戶繼續面臨的情況。

Understood.

明白了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And that concludes today's Q&A session.

今天的問答環節到此結束。

I would now like to hand the call back to Scott Turicchi for closing remarks.

現在我想將電話轉回給斯科特·圖里奇 (Scott Turicchi)，讓其致閉幕詞。

Right.

正確的。

Well, thanks, everyone, for joining us on the Q4 call as we give insight in terms of our 2024 outlook, we will press releases when there are upcoming conferences by in terms of reporting the first fiscal quarter that will be in the early part of May.

好吧，謝謝大家加入我們的第四季度電話會議，因為我們對2024 年的前景給出了見解，我們將在即將召開的會議上發布新聞稿，報告第一財季，該財季將在2024年上半年公佈。可能。

I don't have a calendar in front of me, but 789 roughly in that timeframe.

我面前沒有日曆，但大致時間範圍是 789。

And obviously if you have any questions between us then reach out to us, for instance, for IR, and we'll get your question answered.

顯然，如果您對我們之間有任何疑問，請聯絡我們，例如 IR，我們會回答您的問題。

So thank you very much, and we'll talk to you.

非常感謝您，我們會和您談談。

So thank you.

所以謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

Thank you for your participation.

感謝您的參與。